OIL joins ONGC arm in Kenya field stake talks

NEW DELHI: Oil India has joined ONGC Videsh, the overseas investment arm of explorer ONGC, to pursue talks for a stake in Tullow Oil’s Lokichar oil field in Kenya after IndianOil pulled out, even as China’s Sinopec is reported to have expressed interest in the $3.5 billion project.

IndianOil had in March 2022 shown interest in acquiring a stake in the project. But those initial contacts with Tullow withered as IndianOil grew a cold feet – perhaps because of the project and investment size.